The global Alopecia Treatment Market is estimated to be valued at US$ 9.65 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The market offers wide range of alopecia treatment products including topical drugs, oral drugs, lasers and light therapy devices. These treatment help in regrowing hair, slowing hair fall and hiding baldness.
Market Key Trends:
One of the key trends in the alopecia treatment market is the rising adoption of minimally invasive hair transplant procedures. Various minimally invasive procedures such as follicular unit extraction (FUE), robotic FUE are being increasingly adopted as they offer advantages such as minimal scarring and downtime. These procedures harvest hair follicular units directly from the scalp through tiny punch biopsies rather than traditional strip harvesting. Other factors contributing to the market growth include favorable reimbursement scenario particularly in developed markets and increasing awareness about treatment options. However, high cost of treatment and social stigmas associated with hair loss continue to restrain the market growth to some extent.
Market key trends:
One of the key trends in the alopecia treatment market is the rising demand for effective hair loss treatment drugs and medications. With increasing pollution, stress levels, genetic factors and hormonal changes, hair fall and baldness problems are becoming more common globally. This is driving significant research and development activities in pharmaceutical companies to come up with innovative drug formulations and medications that can promote hair regrowth and treat alopecia more effectively. New treatment options such as topical drugs, stem cell therapy and low-level laser treatments are also gaining popularity.
SWOT Analysis
Strengths: Wide range of treatment options available including drugs, capsules, creams, gels and devices. Rising awareness about medical hair loss treatments.
Weaknesses: High cost associated with newer treatment approaches such as stem cell therapy. Side effects of medications.
Opportunities: Untapped potential in developing countries. Scope for innovation in pharmacological formulations.
Threats: Strong competition amongst existing and new market players. Generic versions eating into branded drug sales.
Key Takeaways
The Global Alopecia Treatment Market Demand is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing pollution levels, stress, unhealthy lifestyle and genetic factors causing more widespread hair fall.
The North America region currently dominates the alopecia treatment market owing to increasing product availability, frequent new product launches, high disposable income and spending on personal care.
The Asia Pacific region is expected to exhibit fastest growth over the next decade supported by growing awareness, rising healthcare expenditure and increasing pollution levels in major countries like India and China.
Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd.
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